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payroll - Why do you have separate Payroll Account?

  • Increasing the CHECK PRINTING business and becoming Bank Friendly environment make a golden opportunity for the “THIEVES”. The PAYROLL CHECKS could be cashed in “Salon” or and other public places such as check cashing places. The information on your check would be a good source of your company information such as Bank Name, Account Name and Account Holder.

  • By ordering check from third party or even print checks on their Desktop, they issue checks at the small amounts and they cash these check in different branches. It would be heaven for them when they hit the general account. It may take several weeks or months to discover this fraudulent transaction. Unless someone monitor the general account on the daily basis.

  • By separating Payroll accounts from your general account and transfer exact net Payroll amount to the payroll account, you can easily control such fraudulent transaction. Another advantage is there will always be funds available for the Employee’s check.

  • You may open this account at the same bank of your general account and put both of them on same portfolio to get advantage of increasing the “Average Balance”.